My Deals

I made an offer on a 6/3 SFR in my town on Thursday. My agent called on Friday AM to say the bank wants your best and final. I told her it was 115k My original was offer was 110k. She called me back friday evening and to say THEY TOOK YOUR OFFER!! Both my agent and the selling agent couldn't believe they took it, but we DG'ers know better!! It is getting on the end of the 2nd quarter afterall, and showings are WAY down according to my agent. The house comps out at around 170-175k. A recent comp on an exact type/sq. footage of this house sold in March for 187k!! Although I have a small twinge of regret that I didn't stand at 110k, I am going to still do a cash out refi at 70% loan to value and get all my money back A LA Rina!

Hi there Everyone,

I have a seller of a home that he is currently renting out. He has a good tenant but needs cash right now.

The house appraises for about $210K and he put $90,000 down a couple of years ago.

He needs cash now and is willing to let the house go for only what he put down, $90,000. This means that someone would have to take over his current loan and give him his $90,000.

Does anyone have any thoughts on how I can make this lucrative? The home is in a lovely part of southern california.

Thanks,

S-Mack

Jill & I just signed a contract to sell a foreclosure
we purchased last march for 31K, making this our 56th Real Estate Transaction. We had a lease-option on the property, but the tenant stop paying after 5 months & we had to evict.We remodeled(cost about 2K)& is being sold for 50K. Still made over 20 % return, after making $300/month cash flow, Not Too Bad !We are now working with another DG member on our 1st assignment in Ca. The most amazing thing is that we still get just as excited as the 1st deal. Follow Dean's advise & get in the game. Take baby steps & remember you don't have to hit a homerun everytime, don't get greedy, make sure it's a win-win situation & you will

I completed my first deal with a property I found from another investor on zillow. The property was for sale for 19000 and I talked to the owner about including the funds to fix up the property into the financing, but he said he didn't really have them to put in the property right now so he would be willing to sell it to me for 9000@6% interest, on a 5yr term payable at 175/mo and he would be willing to hold all interest and payments for 60 days so I can fix it up and rent it out. Im currently trying to find a hard money lender for the repair loan. The fmv is 43,987 and I know that when I am finished fixing it up I can at least rent it out for 500/a month so it would be a cash flow property. The owner even agreed to hold any payments I would need to get it rented.

Well it's been 10 months since I picked up the first words from Dean Graziosi and it's been very fun and exciting, sometimes frustrating but an overall great experience so far! I am looking to take my REI as far as my potential will allow me to, and I have no end in sight.

Today after months of research, education, driving, 100's of phone calls and having made several offers on over a dozen properties this is where I stand:

1) I manage a rental property for a couple who moved out of state and neeed a manager - got the job through a real estate agent as a contact to the owners. This pays me $65/mo to keep an eye on the place and follow up with tenants.

Deal #1. I’ve been hitting auctions lately because there are a lot of homes going to auction here. Finally it has happened. This is a 3/1 with 1car attached and fireplace. Gorgeous yard. Total View Research tool puts it about 81,000. I got it for 53,000 The taxes are 77,000 so that’s got to be pretty close with Total view. Plus I look at what has sold in the area and I’m able to get pretty close to comps. I’m sure I’ll have to get it appraised when I go to get a mortgage on it so this will tell me how I’m doing on comping on my own.

It’s been lived in by the same couple for 38 yrs and it’s in immaculate condition. I only need to refinish the bedroom floors and shampoo the carpet. That’s it. Except for a chimney cap needs put back on.
Here we go……………

I can't believe we can finally add this post. Dan and I have been working very hard to get this far. Thank you, thank you thank you!!!!!

We resently closed and funded on our first 2 flips!
Deal #1
4 bedroom 2 bath; we purchased for 85k terms were private money at 6% for 12 months. interest only loan, and no money down required.FMV 130k
Deal #2
We sold the same house for 102500.00 This sure is not our best deal but we learned a lot. We held it too long. Fixed it up as a rentalinstead of a flip. At the end of the day we netted around 2500.00
Deal #3
3 bedroom 1 bath purchase price 55k FMV 140k purchased with private money at 9% interest only, no money down, 2 pts, guarneteed 6 months interest.
Deal #4

Thought I'd run this legal situation past the DG family, for some helpful feedback.

I signed a Purchase Agreement in April to buy and assign a fixer-upper from a seller/realtor after he did a short-sale on it. Our PA had many short-sale provisions and contingencies, except a subject-to clause in case the property wasn't short-saled.

The seller decided to pay the mortgage balance out of pocket instead of doing the SS. But he didn't file an addendum invalidating SS terms when he made that change. Since he's a realtor/seller, not sure why he let that go.

YEAHHHHHHHHHHHHHH.....Deal #2 accepted today!!!

SFH -

ARV: $161K
Purchase Price: $63K
Repairs: $40K

Yeah....how's that for equity!!!!

I have my lawyer reviewing all the attachments from the bank. Assuming all is good should be signing the P&S on Monday!

I can't assign the property since it is an REO. Before the EDGE I would have planned on a double close. But from what I learned at the EDGE I am going to get a hard money loan, fix the property, lease it to own, the refinance and cash out! Yeah BABY!!!!!!

On to deal #3!

I'm so excited! I linked up with a business partner and we put our first deal on contract yeah!!! Its a package deal that includes 4 properties! 3 out of the 4 properties have tenants already in place. These homes do need a little bit of updating like new carpet and paint. One of the properties has a small home on it but the land on it is over an acre. I t has plenty of space to build 2 more homes on just that one propertiy! Whoever buys this as a package deal, will pick up about $90,000 in equity between the 4 properties!The purchase price is $330,000 with the ARV coming out to about $420,000. I'm so excited! BUT here's the thing I don't have very many buyers!